Similar issues have cropped up in the past. Meta Materials is up a further 7% in the premarket. However, MMAT stock spiked more than 25%, sending its share price up to $4.81. Why It Mattersįacebook shares inched higher in after hours trading following the announcement of the new Meta moniker, and were up about 1% in the premarket at $320 per share. The expectation is that more documents will come in the next few weeks.
#Meta materials and facebook series
In addition to sparking a series in the Wall Street Journal and several appearances before Congress, the documents show that the company is aware of many of the harms its platforms cause but either doesn’t rectify the issues or struggles to address them. The rebrand comes after Frances Haugen, a former Facebook employee turned whistleblower, released company documents. The company says its new name reflects its “growing ambitions beyond social media,” and is based on the science-fiction term “metaverse.” For those unfamiliar, this term revers to a vision for working and playing in a virtual world. 1, the stock will trade under the new ticker symbol MVRS. The official corporate name will be Meta Platforms and, beginning Dec. Mark Zuckerberg announced on Thursday that his company will now be called Meta. However, this is not the first time that similar company names have led to a sharp rise in stocks. Several news outlets are attributing the spiking share price to name confusion and expect it to reverse in short order.
The share price remains elevated in pre-market trading and MMAT is one of the “top trending” stocks on Yahoo Finance. After the social network unveiled its new “Meta” brand yesterday, the stock of Meta Materials ( NASDAQ: MMAT), a material science company based in sleepy Nova Scotia, Canada, surged more than 25%.
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